IRS Demands Coinbase Records In Surprise Tax Probe
Coinbase has received a surprise summons from the US Internal Revenue Service (IRS), with the agency demanding transaction records of all US users since 2013. IRS: Suspicion Users ‘Failed to Comply’ With Tax Laws. The sudden focus on Coinbase, considered to be stringently compliant with regulatory requirements, comes as part of a crackdown on suspected....
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The Federal Court of Northern California District rules in favor of the John Doe summons issued on behalf of the IRS to Coinbase. Bad news for the Bitcoin community! In the days following Internal Revenue Service’s (IRS) John Doe summons to Coinbase, the federal court in the Northern District of California has ruled in favor of the department. The ruling comes after Coinbase filed an appeal, seeking clarification about the extent of IRS authority and validity of the summons. With the latest ruling authorizing the IRS to serve John Doe summons to Coinbase, the digital currency platform will....
I’m a bitcoin and cryptocurrency accountant, and I don’t have good news: The IRS hammer is coming down. Although the IRS issued guidance in March 2014 concerning income from bitcoin and "virtual currencies" (the IRS term), there has been no enforcement mechanism to ensure that bitcoin income is actually reported to the IRS. Having failed to create an enforcement mechanism, the IRS is taking a brute-force approach. The John Doe summons authorized on 30th November demands that Coinbase provide complete transaction records for all users between 30th December 2013 and 30th December....
Coinbase, the U.S.-based cryptocurrency exchange, is reportedly facing a probe from the Securities and Exchange Commission (SEC) over the listing of several crypto assets on its platform. The investigation, according to three people with ostensible knowledge of the matter, is examining whether the exchange has been listing assets that can be classified as unregistered securities.
Coinbase Reportedly Under SEC Scrutiny
Coinbase, a leading U.S.-based cryptocurrency exchange, is reportedly facing increased scrutiny from the SEC due to the expansion of the number of tokens listed on....
This month the U.S. Internal Revenue Service (IRS) recently sought out a continuation of its court hearing with Coinbase. The initial hearing was scheduled to be held on February 16, but the tax agency now wants to postpone the hearing until March 23. The case will also begin with a motion from a former Coinbase customer concerning the tax agency’s....
Only around 800 US users per year comply with Internal Revenue Service (IRS) demands to report Bitcoin earnings, it has emerged. In documents filed by the tax authority on Thursday, data shows the number of “honest” US users signaling “property description likely related to Bitcoin” on tax form 8949 is actually falling, Fortune reports. The IRS submitted the documents as part of its ongoing investigation into Coinbase, with which it has battled since last year over allegations its user tax policies are insufficient. Coinbase refused to allow sweeping inspections of its transaction records,....